Crane Inc. is a private company reporting under ASPE The following selected account balances were reported...
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Crane Inc. is a private company reporting under ASPE The following selected account balances were reported in Crane Inc's financial statements at year end: 2021 2020 Cash $ 19,725 $9.150 Buildings 859,500 748,000 Equipment 410.000 355.400 Land 108.000 62.250 Accumulated depreciation-bulldings 311,500 299,750 Accumulated depreciation-equipment 138,000 103,250 Dividends payable 6,900 3.350 Mortgage payable 550,200 590.200 Notes payable 346.500 315,500 Common shares: 5.530 shares in 2021: 4.130 in 2020 545.500 416.500 Retained earnings 214,000 115.000 Cash dividends declared 31,500 15.200 Depreciation expense-bulidings 27.750 40.650 Depreciation expense-equipment 48,155 26.300 Gain on sale of equipment 1,030 Loss on sale of bulilding 12,100 Interest expense 49,550 45,450 Additional information: 1. Purchased $81.500 of equipment for $12,600 cash and a note payable for the remainder. 2. Equipment was also sold during the year. 3. Sold a bullding that originally cost $56.500. 4. Used cash to purchase land and a buiding 5. Mortgage payments and notes payable payments included Interest and principal amounts. 6. Common shares were issued for cash. Your answer is correct. Determine the amount of any cash inflows or outflows related to investing activities in 2021. (Hint Use T accounts to calculate the cash flows.) (Show amounts that decrease cash flow with either a- sign es-15,000 or in parenthesis es (15,000),) CRANE INC. Cash Flow Statement (Partial) Year Ended December 31. 2021 Investing Activities Sale of Equipment 14,525 Sale of Building 28,400 Purchase of Land (45,750) Purchase of Equipment (12.600) Purchase of Building (168,000) Net Cash Used by Investing Activities (183,425) Attempts: 1 of 2 used (b) Your answer is incorrect. What was the amount of profit reported by Crane Inc. in 2021? Crane Inc. is a private company reporting under ASPE The following selected account balances were reported in Crane Inc's financial statements at year end: 2021 2020 Cash $ 19,725 $9.150 Buildings 859,500 748,000 Equipment 410.000 355.400 Land 108.000 62.250 Accumulated depreciation-bulldings 311,500 299,750 Accumulated depreciation-equipment 138,000 103,250 Dividends payable 6,900 3.350 Mortgage payable 550,200 590.200 Notes payable 346.500 315,500 Common shares: 5.530 shares in 2021: 4.130 in 2020 545.500 416.500 Retained earnings 214,000 115.000 Cash dividends declared 31,500 15.200 Depreciation expense-bulidings 27.750 40.650 Depreciation expense-equipment 48,155 26.300 Gain on sale of equipment 1,030 Loss on sale of bulilding 12,100 Interest expense 49,550 45,450 Additional information: 1. Purchased $81.500 of equipment for $12,600 cash and a note payable for the remainder. 2. Equipment was also sold during the year. 3. Sold a bullding that originally cost $56.500. 4. Used cash to purchase land and a buiding 5. Mortgage payments and notes payable payments included Interest and principal amounts. 6. Common shares were issued for cash. Your answer is correct. Determine the amount of any cash inflows or outflows related to investing activities in 2021. (Hint Use T accounts to calculate the cash flows.) (Show amounts that decrease cash flow with either a- sign es-15,000 or in parenthesis es (15,000),) CRANE INC. Cash Flow Statement (Partial) Year Ended December 31. 2021 Investing Activities Sale of Equipment 14,525 Sale of Building 28,400 Purchase of Land (45,750) Purchase of Equipment (12.600) Purchase of Building (168,000) Net Cash Used by Investing Activities (183,425) Attempts: 1 of 2 used (b) Your answer is incorrect. What was the amount of profit reported by Crane Inc. in 2021?
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Accounting Principles Part 3
ISBN: 978-1118306802
6th Canadian edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow
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